1. Field of Invention
The present invention relates generally to the financial service and card product industries, and, more particularly, to systems, computer program products, and associated computer-implemented methods of providing rebates, in-store credit, and other promotions via a bank or private label promotion card, as well as a bank card product.
2. Background
One common and popular sales promotion today is the mail-in rebate. For example, a consumer reads in the newspaper about a promotion for a $40 manufacturer's mail-in rebate for a product that sells for $240. In fact, the promotion can advertise a price of “$200 after rebate.” In turn, the consumer goes to a retailer, purchases the product for $240, and then mails in the rebate with proof of purchase. The consumer later receives a check or gift card for $40.
Long known in the art, a common sales promotion bundles in-store credit with a purchase. For example, a consumer hears a radio commercial offering $25 of in-store credit with any purchase of stereo equipment greater than $150. The consumer goes to the retailer, purchases stereo equipment for over $150 and receives with that purchase $25 of in-store credit. Rather than provide the in-store credit for use at the same time as the purchase of stereo equipment, the retailer typically provides the consumer a coupon or a store gift card providing in-store credit for use during a subsequent visit. Later the consumer returns to the retailer, presents the coupon or store gift card providing in-store credit, and receives $25 off a purchase.
Also, it has been known that banks offer and sell bank card products such as debit cards, credit cards, automatic teller machine (ATM) cards, gift or prepaid cards, and combinations thereof, e.g., ATM/debit card. Because of the convenience, flexibility, and value as a tool for promotion, cards are a common tool used by retailers millions of times a year to provide consumers with rebates, in-store credit, and promotions. Such cards are operated as store gift cards, operating on proprietary store gift card systems. Yet many of these cards are never redeemed and many of the accounting procedures for managing these card programs can be difficult, complex, or expensive. For example, retailers or other card issuers must comply with laws that govern gift cards and gift certificates that vary from state to state. Such laws typically determine whether a retailer is allowed to charge service fees against dormant accounts, what escheatment guidelines to follow, and such other requirements or guidelines as may be set forth in particular state laws. Such required action of the retailer or other card issuer makes the process more complex and, in some instances, burdensome or expensive. It is further known for banks to provide back-end financial processing, data processing, and account tracking services to various retailers to enhance business opportunities and relationships with retailers.